Senate bill raises the stakes in financial reform debate

Capitol Hill

If the bill – passed in a 13–8 vote on April 21 – becomes law, banks would have to carve out their derivatives business or forgo access to Federal Reserve funding and federal deposit insurance.

Banks were dismayed by the move, which has already run into stiff opposition. In comments published on April 24, the Federal Reserve called for the relevant section of the bill to be deleted, saying it would “impair financial stability and strong prudential regulation of derivatives”. Early exchanges in

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